By Oliver Griffin

Rio Tinto PLC (RIO.LN) said Monday that it has opened a fourth diamond pipe at its subarctic Diavik Diamond Mine in Canada's Northwest Territories.

The Anglo-Australian miner said the new open-pit pipe, known as A21, will provide an important source of incremental supply over the next four years to sustain production levels at the mine.

The pipe opening follows a four-year construction period and an investment of $350 million which was 60% funded by Rio, the mine's operator, and 40% by joint-venture partner, Dominion Diamond Corporation.

Arnaud Soirat, CEO of Rio Tinto's copper and diamond business, said the investment to sustain production reflects the strong outlook that the company sees for the diamond industry.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

August 21, 2018 04:36 ET (08:36 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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